Lime Rock Partners, a private equity firm focused on upstream oil and gas investments, announced the promotion of Jeffrey Scofield to president. Scofield previously served as chief operating officer of the investment team and will now assume day-to-day management responsibilities.

The Houston-based firm also announced that Dylan Blackford has been promoted to managing director. Blackford has worked on sourcing, evaluation, and execution of exploration and production and oilfield service opportunities for over a decade.

Co-founders Jonathan Farber and John Reynolds will transition to new roles with the launch of Lime Rock's next fund. Farber will become a senior advisor while Reynolds will assume the role of chairman. Both will remain on the investment committee and maintain board seats at portfolio companies, according to the company's statement.

Scofield joined Lime Rock Partners in 2005 and became a managing director in 2011. He has led investments in exploration and production, mineral and royalty, and oilfield service sectors in North America and internationally. Prior to Lime Rock, he worked in investment banking at Harrison Lovegrove & Co., Credit Suisse, and Donaldson, Lufkin & Jenrette.

He currently serves on multiple boards including Civeo Corporation (NYSE: CVEO) and various portfolio companies. Scofield holds a bachelor's degree from Vanderbilt University.

Blackford joined the firm in 2015 and previously worked as an analyst in the Energy Investment Banking Group at Raymond James. He graduated from the A.B. Freeman School of Business at Tulane University.

Since its founding in 1998, Lime Rock Partners has raised $7.1 billion in private equity funds and affiliated co-investment vehicles for upstream energy industry investments.